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National Flood Insurance Program Factors Affecting Actuarial Soundness
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Book Synopsis National Flood Insurance Program: Factors Affecting Actuarial Soundness by : Perry Beider
Download or read book National Flood Insurance Program: Factors Affecting Actuarial Soundness written by Perry Beider and published by DIANE Publishing. This book was released on 2010-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The vast majority of homes and small commercial buildings that are insured against flood damage in the U.S. are covered by the Nat. Flood Insur. Program (NFIP). Although the flood insurance (FI) program had been largely self-sustaining in the past, it had to borrow $17 billion from the federal Treasury to pay claims after the catastrophic hurricanes of 2005. That borrowing has highlighted questions about the program¿s financial health, including the actuarial soundness of the premium rates charged on policies that are not explicitly subsidized and the cost of paying claims for properties that have suffered multiple flood losses. This report explains how NFIP sets ¿full-risk¿ premium rates for the FI program. Charts and tables.
Book Synopsis The National Flood Insurance Program by : Perry Beider
Download or read book The National Flood Insurance Program written by Perry Beider and published by . This book was released on 2009 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program ... by : United States. Department of Housing and Urban Development
Download or read book National Flood Insurance Program ... written by United States. Department of Housing and Urban Development and published by . This book was released on 1974 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The National Flood Insurance Program: Review and Reauthorization ... Hrg ... Serial No. 108-17 ... Committee on Financial Services, U.s. House by : United States. Congress. House. Committee on Financial Services
Download or read book The National Flood Insurance Program: Review and Reauthorization ... Hrg ... Serial No. 108-17 ... Committee on Financial Services, U.s. House written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2006* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy Publisher : ISBN 13 : Total Pages :124 pages Book Rating :4.E/5 ( download)
Book Synopsis The National Flood Insurance Program by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy
Download or read book The National Flood Insurance Program written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Policy and published by . This book was released on 2013 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : United States. General Accounting Office
Download or read book National Flood Insurance Program written by United States. General Accounting Office and published by . This book was released on 1983 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : David Schein
Download or read book National Flood Insurance Program written by David Schein and published by . This book was released on 1984 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : United States. Department of Housing and Urban Development
Download or read book National Flood Insurance Program written by United States. Department of Housing and Urban Development and published by . This book was released on 1974 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : National Flood Insurance Program (U.S.)
Download or read book National Flood Insurance Program written by National Flood Insurance Program (U.S.) and published by . This book was released on 2004 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : United States. Environmental Protection Agency
Download or read book National Flood Insurance Program written by United States. Environmental Protection Agency and published by . This book was released on 1974 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by : United States. Government Accountability Office
Download or read book National Flood Insurance Program written by United States. Government Accountability Office and published by . This book was released on 2007 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extraordinary recent flood events raise serious questions about the solvency of the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). The NFIP is largely implemented by private insurance companies that sell and service policies and adjust claims under the Write Your Own (WYO) Program. This report, prepared under the authority of the Comptroller General, examines (1) how much FEMA paid the WYO companies in recent years for operating costs and how FEMA determined payment amounts; (2) how FEMA's approach to determining operating costs assures that payments are reasonable estimates of companies' expenses; and (3) how FEMA assures that financial and management controls are in place for the WYO program and operate as intended. To do these assessments, GAO interviewed FEMA and insurance officials, and analyzed statutes, regulations, payment data, methodologies, and audits of WYO companies. FEMA's payments to WYO insurance companies for operating costs ranged from more than a third to almost two-thirds of the total premiums paid by policyholders to the NFIP for fiscal years 2004 through 2006. In fiscal years 2005 and 2006, larger payments to WYO insurance companies were the result of settling an unprecedented number and dollar amount of claims for damages resulting from major hurricanes and flood events including Hurricane Katrina. To determine the amount of these payments, FEMA negotiated payment approaches with insurance industry representatives when it established the current WYO program in 1983 based on industry averages for operating expenses for other lines of insurance (such as homeowners, commercial, and fire), past practice, and discussion. The approach FEMA uses to determine operating costs for WYO insurance companies, rooted in policies negotiated and established about 25 years ago, cannot ensure that payments are based on reasonable estimates of actual expenses because actual expenses incurred by the companies for their services to the NFIP are not considered. Although it has authority to do so, FEMA does not collect data on actual WYO flood insurance expenses that could provide a basis for insuring that the WYO payments are based on a reasonable estimate of actual expenses. FEMA officials said that they have not asked WYO insurance companies to provide expense information due to concerns that the approach would increase FEMA's administrative costs and cause a decline in WYO program participation. However, some data on expenses WYO insurance companies allocate to flood insurance are available. FEMA officials said that they cannot use this information due to reporting inconsistencies. Also, there is some precedent in two similar public-private insurance partnerships for collecting actual expense information. FEMA's decision to rely on long-standing practices does not meet federal internal control standards that agencies be held accountable for, among other things, stewardship of government resources. Biennial financial statement audits--FEMA's primary mechanism to provide assurance that it receives complete and accurate financial management information from the WYO insurance companies--were not performed consistently as required by regulation. FEMA regulations require each participating company to arrange and pay for these audits by independent certified public accounting firms. However, many WYO insurance companies did not comply with the schedule in recent years. For example, for fiscal years 2005 and 2006, 5 of 94 participating companies had biennial financial statement audits performed. FEMA officials said they allowed some companies to delay having the audits done because they were in the process of contracting with new subcontractors to perform their financial reporting responsibilities. Nonetheless, without the required biennial audits, FEMA lacks an appropriate internal control mechanism for effective program oversight.
Book Synopsis National Flood Insurance Program by :
Download or read book National Flood Insurance Program written by and published by . This book was released on 1984 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The National Flood Insurance Program by :
Download or read book The National Flood Insurance Program written by and published by . This book was released on 1982 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis National Flood Insurance Program by :
Download or read book National Flood Insurance Program written by and published by . This book was released on 1989 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309380774 Total Pages :151 pages Book Rating :4.3/5 (93 download)
Book Synopsis Affordability of National Flood Insurance Program Premiums by : National Academies of Sciences, Engineering, and Medicine
Download or read book Affordability of National Flood Insurance Program Premiums written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2016-02-21 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: When Congress authorized the National Flood Insurance Program (NFIP) in 1968, it intended for the program to encourage community initiatives in flood risk management, charge insurance premiums consistent with actuarial pricing principles, and encourage the purchase of flood insurance by owners of flood prone properties, in part, by offering affordable premiums. The NFIP has been reauthorized many times since 1968, most recently with the Biggert-Waters Flood Insurance Reform Act of 2012 (BW 2012). In this most recent reauthorization, Congress placed a particular emphasis on setting flood insurance premiums following actuarial pricing principles, which was motivated by a desire to ensure future revenues were adequate to pay claims and administrative expenses. BW 2012 was designed to move the NFIP towards risk-based premiums for all flood insurance policies. The result was to be increased premiums for some policyholders that had been paying less than NFIP risk-based premiums and to possibly increase premiums for all policyholders. Recognition of this possibility and concern for the affordability of flood insurance is reflected in sections of the Homeowner Flood Insurance Affordability Act of 2014 (HFIAA 2014). These sections called on FEMA to propose a draft affordability framework for the NFIP after completing an analysis of the efforts of possible programs for offering "means-tested assistance" to policyholders for whom higher rates may not be affordable. BW 2012 and HFIAA 2014 mandated that FEMA conduct a study, in cooperation with the National Academies of Sciences, Engineering, and Medicine, which would compare the costs of a program of risk-based rates and means-tested assistance to the current system of subsidized flood insurance rates and federally funded disaster relief for people without coverage. Production of two reports was agreed upon to fulfill this mandate. This second report proposes alternative approaches for a national evaluation of affordability program policy options and includes lessons for the design of a national study from a proof-of-concept pilot study.
Book Synopsis Le Camouflet donné a la ville de Paris, pour la reveiller de sa lethargie by :
Download or read book Le Camouflet donné a la ville de Paris, pour la reveiller de sa lethargie written by and published by . This book was released on 1652 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The National Flood Insurance Program by :
Download or read book The National Flood Insurance Program written by and published by . This book was released on 2006 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: